When economists talk about consumer finance, it’s easy to get lost in the weeds. They commonly quote statistics such as revolving consumer credit outstanding, which is mostly made up of credit cards and currently stands at $826.9 billion. Behind such numbers are real, often grim stories.

Nearly a third in our survey have gone without medicine because of a lack of funds. More than a quarter, some 27% have gone without food.

1 in 9 respondents has missed a car payment or experienced repossession. Almost 1 in 11 has missed their house payment or experienced foreclosure.

Some 5% are under the misimpression that creditors can contact you before 8 a.m. or after 9 p.m., even after you have made a written request to stop contacting you.

In fact, under the Fair Debt Collection Practices Act (FDCPA), once you have made such a request, those creditors can contact you only one more time, to confirm there will be no further contact or to let you know they will be taking legal action against you.

Only half of consumers, some 53%, know a creditor can garnish your bank account or wages.

The fact is, in general, if you don't pay a debt, creditors can sue you to collect. If they win, the court will enter a judgment that allows the creditors to get a garnishment order against you. Such an order can direct your bank to turn over funds to pay the debt or your employer to withhold part of your compensation.

To be sure, there are exemptions, including Social Security, veterans' benefits, civil service and federal retirement, and disability benefits. However, even those exemptions have exemptions. Delinquent taxes and overdue child support or student loans can be pulled from those benefits.

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